Eruditus, a SoftBank-backed unicorn in the education technology sector, is reportedly exploring a change in its base from Singapore to India as part of its assessment for a potential listing on domestic stock exchanges, per insider sources.
In the fiscal year 2023, Eruditus has positioned itself as the second-largest tech company in India, generating revenue of Rs 3,322 crore ($400 million). It joins a growing cohort of Indian internet companies, including Pine Labs, Udaan, Razorpay, and Groww, undergoing ‘reverse flips’ as they consider shifting their headquarters to India.
Insiders reveal that Eruditus is in discussions with two Big Four firms as it prepares for its potential return to India. Ashwin Damera, the CEO and co-founder of Eruditus, chose not to comment on the company’s relocation.
Regarding the previous fiscal year’s performance, Damera highlighted that the revenue growth was propelled by improved operational metrics, such as reduced customer acquisition and marketing costs, along with data-driven synergies that decreased operating losses. The startup witnessed a remarkable 75% increase in revenue in FY23, solidifying its position as the second-largest player in the online education sector. For more information, keep an eye on the IncBasil Website.
